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1. Company Snapshot

1.a. Company Description

Bioventus Inc.a medical device company, focuses on developing and commercializing clinical treatments that engage and enhance the body's natural healing process in the United States and internationally.The company's product portfolio includes pain treatments, which comprise non-surgical joint pain injection therapies, as well as peripheral nerve stimulation products.


Its surgical solutions comprise bone graft substitutes to fuse and grow bones, enhance results following spinal and other orthopedic surgeries; and ultrasonic medical devices for the use in precise bone sculpting, remove tumors, and tissue debridement.The company's restorative therapies include an ultrasonic bone healing system for fracture care; skin allografts; and products that are used to support healing of chronic wounds, as well as advanced rehabilitation devices designed to help patients regain leg or hand function.It serves physicians spanning the orthopedic continuum, including sports medicine, total joint reconstruction, hand and upper extremities, foot and ankle, podiatric surgery, trauma, spine, and neurosurgery in the physician's office or clinic, ambulatory surgical centers, or in the hospital setting.


The company was founded in 2011 and is headquartered in Durham, North Carolina.

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1.b. Last Insights on BVS

Negative drivers behind Bioventus Inc.'s recent 3-month performance include a decline in investor sentiment due to a lack of significant new product launches and a decrease in research and development spending. The company's Q4 2024 earnings beat was overshadowed by a decline in revenue growth, which fell short of analyst expectations. Additionally, Bioventus' debt reduction efforts, which resulted in a $48 million cut, may have been a necessary step but could also indicate underlying financial challenges. Furthermore, the company's guidance for full-year 2025 was not provided, which may have contributed to investor uncertainty.

1.c. Company Highlights

2. Bioventus Delivers Solid Q3 2025 Results with 8% Organic Growth

Bioventus reported a strong third quarter, with revenue growing 8% on an organic basis, driven by mid-single-digit to low double-digit growth across its pain treatments, surgical solutions, and restorative therapies businesses. Revenue was $139 million, unchanged from the prior year due to the impact of the advanced rehabilitation divestiture. Adjusted EBITDA of $27 million was $3 million higher than the prior year, representing a 13% increase. Earnings per share (EPS) came in at $0.15, below analyst estimates of $0.215.

Publication Date: Nov -25

📋 Highlights
  • Q3 Revenue & Organic Growth:: Revenue held steady at $139M YoY, driven by 8% organic growth despite $5M tariff/foreign exchange impacts and a 29% revenue decline in restorative therapies from divestitures.
  • Pain Treatments Acceleration:: Grew 6% in Q3, led by DUROLANE’s strong volume gains and account wins, outpacing market growth with clinical differentiation and private payer contracts.
  • Surgical Solutions Momentum:: Advanced 9% YoY, fueled by ultrasonics and bone graft substitutes, with 13% adjusted EBITDA growth to $27M and 75% gross margins enabling strategic investments.
  • Cash Flow & Leverage Improvements:: Generated $30M cash flow from operations (+$20M YoY), reducing net leverage to below 3x and on track to repay $25M in credit facility by year-end.
  • 2025 Guidance Reaffirmed:: Maintains 6-8% organic revenue growth, $112M–$116M adjusted EBITDA, and $0.64–$0.68 EPS, with confidence in surgical tech adoption (e.g., TalisMann) and Exogen’s ROI.

Segment Performance

Pain treatments revenue accelerated 6% in Q3, driven by strong volume growth of DUROLANE and recent account wins. Surgical solutions revenue grew 9%, driven by growth in ultrasonics, while restorative therapies revenue declined 29% due to the divestiture. The company is confident in its ability to grow above market growth, maintaining price discipline, and is well-positioned to do so given its clinical differentiation and private payer contracts.

Cash Flow and Leverage

The company generated significant cash flow, with cash flow from operations totaling $30 million, representing an increase of $20 million compared to the prior year. Net leverage declined to below 3x at the end of the quarter, and the company expects to repay the remaining $25 million outstanding under the revolving credit facility by the end of the year.

Guidance and Outlook

Bioventus reaffirmed its 2025 financial guidance, which includes organic revenue growth of 6% to 8%, adjusted EBITDA of $112 million to $116 million, and EPS of $0.64 to $0.68. Analysts estimate next year's revenue growth at 7.1%. The company's guidance implies a slight acceleration in the fourth quarter, and it is excited about its growth opportunities in 2026, particularly in P&S and ultrasonics.

Valuation

Bioventus trades at a P/E Ratio of 63.41, EV/EBITDA of 5.9, and P/S Ratio of 0.88. The company's high P/E ratio suggests that the market has high expectations for its future growth. With an ROIC of 6.3% and ROE of 5.02%, the company is generating returns that are modest but still attractive. The Net Debt / EBITDA ratio of -0.39 indicates that the company has a net cash position, which is a positive sign.

3. NewsRoom

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Bioventus to Present at the Piper Sandler 37th Annual Healthcare Conference

Nov -25

Source: globenewswire.com

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Bioventus Inc. (BVS) Q3 2025 Earnings Call Transcript

Nov -04

Source: seekingalpha.com

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Bioventus Reports Third Quarter Financial Results

Nov -04

Source: globenewswire.com

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Bioventus to Report Third Quarter of Fiscal Year 2025 Financial Results on November 4, 2025

Oct -28

Source: globenewswire.com

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Halper Sadeh LLC Encourages Bioventus Inc. Shareholders to Contact the Firm to Discuss Their Rights

Oct -22

Source: businesswire.com

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Bioventus (NASDAQ:BVS) vs. Shoulder Innovations (NYSE:SI) Head-To-Head Review

Oct -20

Source: defenseworld.net

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Bioventus Inc. (BVS) Presents At Morgan Stanley 23rd Annual Global Healthcare Conference Transcript

Sep -10

Source: seekingalpha.com

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Bioventus to Present at the Morgan Stanley 23rd Annual Global Healthcare Conference

Sep -03

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.78%)

6. Segments

Pain Treatments

Expected Growth: 4.5%

Bioventus Inc.'s Pain Treatments segment growth of 4.5% is driven by increasing adoption of minimally invasive procedures, rising demand for osteoarthritis treatments, and expanding presence in emerging markets. Additionally, the company's focus on innovation, strategic partnerships, and strong distribution networks contribute to its growth momentum.

Surgical Solutions

Expected Growth: 4.8%

Bioventus Inc.'s Surgical Solutions segment growth of 4.8% is driven by increasing adoption of minimally invasive orthopedic procedures, rising demand for osteoarthritis treatments, and expansion into new geographic markets. Additionally, strategic partnerships and investments in research and development are contributing to the segment's growth.

Restorative Therapies

Expected Growth: 5.2%

Bioventus Inc.'s Restorative Therapies segment growth of 5.2% is driven by increasing adoption of orthobiologic solutions, expansion into new markets, and growing demand for minimally invasive treatments. Additionally, strategic partnerships, investments in R&D, and a strong sales force contribute to the segment's growth.

7. Detailed Products

EXOGEN Ultrasound Bone Healing System

A non-invasive, low-intensity ultrasound device that helps stimulate bone healing in fractures that have failed to heal.

DUROLANE

A single-injection, hyaluronic acid-based treatment for osteoarthritis knee pain.

GELSYN-3

A three-injection, hyaluronic acid-based treatment for osteoarthritis knee pain.

SUPARTZ FX

A five-injection, hyaluronic acid-based treatment for osteoarthritis knee pain.

Bioventus Enzyme-Linked Immunosorbent Assay (ELISA) Kit

A diagnostic tool for detecting and measuring biomarkers in biological samples.

8. Bioventus Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bioventus Inc. faces moderate threat from substitutes due to the presence of alternative treatments and products in the orthobiologics market.

Bargaining Power Of Customers

Bioventus Inc. has a diverse customer base, which reduces the bargaining power of individual customers, and the company's products are often used in procedures that are reimbursed by insurance, reducing the price sensitivity of customers.

Bargaining Power Of Suppliers

Bioventus Inc. relies on a limited number of suppliers for raw materials and components, which gives them some bargaining power, but the company's scale and diversification efforts mitigate this risk.

Threat Of New Entrants

The orthobiologics market has high barriers to entry, including significant research and development costs, regulatory hurdles, and the need for specialized manufacturing capabilities, which reduces the threat of new entrants.

Intensity Of Rivalry

The orthobiologics market is highly competitive, with several established players and new entrants vying for market share, which increases the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 69.68%
Debt Cost 7.10%
Equity Weight 30.32%
Equity Cost 7.10%
WACC 7.10%
Leverage 229.79%

11. Quality Control: Bioventus Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
iCAD

A-Score: 4.7/10

Value: 7.0

Growth: 3.1

Quality: 4.5

Yield: 0.0

Momentum: 10.0

Volatility: 3.7

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TriSalus Life Sciences

A-Score: 4.4/10

Value: 8.4

Growth: 4.2

Quality: 6.0

Yield: 0.0

Momentum: 6.0

Volatility: 2.0

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Quanterix

A-Score: 3.3/10

Value: 8.6

Growth: 4.9

Quality: 4.7

Yield: 0.0

Momentum: 0.0

Volatility: 1.7

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Anika Therapeutics

A-Score: 2.8/10

Value: 8.8

Growth: 1.3

Quality: 3.4

Yield: 0.0

Momentum: 0.0

Volatility: 3.3

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Bioventus

A-Score: 2.8/10

Value: 6.6

Growth: 3.4

Quality: 4.1

Yield: 0.0

Momentum: 0.0

Volatility: 2.7

1-Year Total Return ->

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Iridex

A-Score: 2.6/10

Value: 8.4

Growth: 1.8

Quality: 3.6

Yield: 0.0

Momentum: 0.5

Volatility: 1.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

7.09$

Current Price

7.09$

Potential

-0.00%

Expected Cash-Flows